Russia Energy Minister Alexander Novak said his country offered Saudi Arabia a position in an Arctic liquefied natural gas production unit in an effort to increase cooperation between the world's top oil producers, Reuters reported.
Novak said Saudi Energy Minister Khalid al-Falih and his colleagues are looking at the proposals for the Arctic LNG deal led by Russia's largest private gas producer, Novatek (NOVKY) .
Partners for the Arctic LNG deal have not yet been chosen, but Novatek plans to produce 16.5 million tons of LNG per year at the site. Novatek said Chinese firms and France's Total (TOT - Get Report) were also interested. The company will offer up to 49% stake in the project for outside investors.
al-Falih said Saudi Arabia will continue to invest in gas and LNG production globally after state-owned Saudi Aramco's planned IPO.
What's Hot On TheStreet
Apple is OK for the time being: For those silently worrying how the Apple (AAPL - Get Report) iPhone 8 will sell, simmer down -- the tech giant still has several huge advantages. On the hardware side, for instance, the iPhone still feels ahead of the pack thanks not only to Apple's design skills and the visible features of its hardware, but also what's under the hood points out TheStreet's tech columnist Eric Jhonsa. From the looks of things, the iPhone 8 should extend that lead, Jhonsa predicts.
Tesla is looking wobbly: Tesla (TSLA - Get Report) shares are looking a little shaky (again) after its Model S didn't get a top rating from Insurance Institute for Highway Safety (IIHS), reports TheStreet's James Skinner. The IIHS cited issues with the small overlap front test, which is meant to simulate crashes into trees, poles and other vehicles, as why the Model S did not receive the highest rating. IIHS Executive Vice President David Zuby said the front test remains a "hurdle" for some vehicles.
"Tesla made changes to the safety belt in vehicles built after January with the intent of reducing the dummy's forward movement," IIHS said. "However, when IIHS tested the modified Model S, the same problem occurred, and the rating didn't change."
Costco finally scores some good news: After watching its stock crash about 13% inside a month thanks to fears Amazon (AMZN - Get Report) and Whole Foods (WFM) will dominate society, Costco (COST - Get Report) scored a nice win. Costco said same-store sales in June rose 6.5% in June. Canada saw sales up 3.2%, while international sales rose 6.2%.
The numbers should serve as a reminder how resilient Costco's business has been in the face of Amazon's rise.
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